Century Mining Corporation
("Century" or the "Company") (TSX VENTURE:CMM - News) announced today that it
has closed a private placement financing of 5,555,555 flow-through units (the
"Flow-Through Units") of the Company, at a price of $0.45 per Unit,
for gross proceeds of $2,500,000. This financing was originally announced by
the Company on November 9, 2010. Each Flow-Through Unit consisted of one
common share issued on a flow-through basis and one-half of one common share
purchase warrant (each whole warrant, a "Warrant"). Each Warrant is
exercisable for one common share at $0.60 for 18 months from closing.
The proceeds of the private placement of
Flow-Through Units will be used for the diamond drill program at the Bedard Dyke zone and exploration drilling of other
priority targets at or in the vicinity of the Lamaque
mine.
The Company paid finder's fees of $175,000
and issued 277,778 compensation warrants. Each Compensation Warrant is
exercisable for one common share at $0.45 for 18 months from closing. All
securities issued under this private placement will be subject to a
four-month hold period.
About Century Mining Corporation
Century Mining Corporation is a Canadian
junior gold producer and holds strategic land positions in Canada, the United
States and Peru. The consolidated production outlook for the Company is
approximately 36,000 to 40,000 ounces in 2010, 105,000 ounces in 2011, and
120,000 in 2012. The Company's strategy is to grow to an intermediate gold
producer through existing mine expansions and acquisitions of other strategic
and synergistic gold opportunities.
On behalf of Century Mining Corporation,
Keith Hulley,
Interim CEO
Caution Concerning Forward-Looking
Information
This press release contains forward
looking statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws. We use words such as
"may", "will", "should",
"anticipate", "plan", "expect",
"believe", "estimate" and similar terminology to identify
forward-looking statements and forward-looking information. Such statements
and information are based on assumptions, estimates, opinions and analysis
made by management in light of its experience, current conditions and its
expectations of future developments as well as other factors which it
believes to be reasonable and relevant. Forward-looking statements and
information involve known and unknown risks, uncertainties and other factors
that may cause our actual results to differ materially from those expressed
or implied in the forward-looking statements and information and accordingly,
readers should not place undue reliance on such statements and information.
Risks and uncertainties that may cause actual results to vary include but are
not limited to the speculative nature of mineral exploration and development,
including the uncertainty of reserve and resource estimates; operational and
technical difficulties; the availability to the Company of suitable financing
alternatives; fluctuations in gold and other commodity prices; changes to and
compliance with applicable laws and regulations, including environmental laws
and obtaining requisite permits; political, economic and other risks arising
from our South American activities; fluctuations in foreign exchange rates;
as well as other risks and uncertainties which are more fully described in
our annual and quarterly Management's Discussion and Analysis included in
this Annual Report, in our Annual Information Form and in other filings made
by us with the Securities and Exchange Commission and with Canadian
securities regulatory authorities and available at www.sedar.com.
While the Company believes that the
expectations expressed by such forward-looking statements and forward-looking
information and the assumptions, estimates, opinions and analysis underlying
such expectations are reasonable, there can be no assurance that they will
prove to be correct. In evaluating forward-looking statements and
information, readers should carefully consider the various factors which
could cause actual results or events to differ materially from those
expressed or implied in the forward-looking statements and forward-looking
information.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact:
Peter A. Ball
Century Mining Corporation
Vice President Investor Relations
(360) 332-4653 or Toll Free: (877) 284-6535
(360) 332-4652 (FAX)
pball@centurymining.com
www.centurymining.com |